- Orange County’s median home
price as of October 2017 was $692,750, a price
which decreased by $17,250 compared to September
2017, yet an increase of $37,750 compared
to October 2016 home prices. The housing market,
especially in Orange County, is being watched
closely considering the large fluctuations
recently experienced in home prices as well
as due to both domestic and international
economic concerns. While the housing market
continues to display strength, a rise in interest
rates from the Fed, continued struggles by
younger generations to accumulate their savings
and preponderance for younger generations
to favor rentals could negatively impact the
housing market throughout 2017 and 2018.
- The Orange County average rental
rate in November 2017 decreased slightly to
$2,190 – a decrease of $1 compared to the
previous month and a decrease of $4 compared
to the previous year. On a per-city basis,
Garden Grove and Anaheim had the highest month-over-month
growth at $20 and $10, respectively.
- Orange County Building permit
activity in October 2014 hit landmark highs
with 1,892 permits granted during the month.
In November 2017, a total of 626 building
permits were issued representing a decrease
of 373 permits month-over-month and a decrease
of 125 buildings permits year-over-year. In
November 2017, Irvine and Costa Mesa provided
the highest amount of new permits recorded
during the month at 220 and 57, respectively.